Apparently New Jersey Judge William Todd is tired of plaintiffs and lenders not complying with the standing requirements in his courtroom. Judge Todd issued a 53-page Order that dismissed Bank of New York's foreclosure action filed on behalf of Home Mortgage Investment Trust 2004-4 as Trustee. The court concluded that Bank of New York did not even attempt to comply with New Jersey's procedural rules which require proof of all assignments in the chain of title. The only thing that the bank alleged was that they were the owner of the note before the litigation began. The court ruled that since the Plaintiff failed to prove standing the case would be dismissed and any re-filing be conditioned on the Plaintiff possessing the original note at the time of filing.
This Order is similar to a ruling handed down by the Florida Supreme Court in February 2010. Florida requires that a Plaintiff show each assignment in the chain of title in order to have standing. If the case is dismissed for lack of standing, the case cannot be re-filed unless it is certified that the Plaintiff has the original note at the time the Complaint is filed. Experts say that this well written opinion could bring change to the foreclosure procedures in the State of New Jersey.
If you are facing foreclosure in Florida or your home is already in foreclosure, contact a Florida Foreclosure Lawyer or Jacksonville Foreclosure Defense Lawyer to discuss your options.
